China’s XTransfer Secures E-Money License in Netherlands

Their aim is to broaden their services into 30 European nations.

Trade payment platform

XTransfer

has received approval for an Electronic Money Institution (EMI) license from the De Nederlandsche Bank (DNB), which serves as the central bank of the Netherlands.

The fintech company based in Shanghai plans to officially introduce localized services in the Netherlands. This initiative encompasses a payment solution tailored for small and medium-sized enterprises involved in local trade.

Additional services encompass local account management, cross-border transactions, and foreign currency exchanges, among other offerings.

The CEO and founder of XTransfer, Bill Deng, disclosed intentions to broaden their services to encompass all 30 nations within the European Economic Area (EEA). The company will be using the Netherlands as its operational hub for this expansion.

“We will also explore additional opportunities in growing markets by utilizing the Netherlands’ financial connections with areas such as Africa and the Middle East,” stated Deng.

XTranser was established in 2017 and currently conducts operations in both the United States and the United Kingdom.

Singapore

, Canada, Australia, Hong Kong, and now the Netherlands.

The company asserts that it processes $10 billion each month and supposedly serves more than 600,000 business clients, as stated in a press release.